Kwality Wall’s (India) lists on NSE, BSE after HUL demerger

The listing represents a key milestone in the restructuring that carved out the Kwality Wall’s operations into a distinct entity. | Photo Credit: SHASHI ASHIWAL

Shares of Kwality Wall’s (India) debuted on the National Stock Exchange of India at ₹29.80, marking the standalone listing of the ice-cream business following its separation from Hindustan Unilever Ltd. The opening price came in below the adjusted reference price of ₹40.20 set after the demerger, signalling a cautious market reception on its first day of independent trading.

On the BSE, it began trading at ₹29.90 against the adjusted price of ₹38.15.

The listing represents a key milestone in the restructuring that carved out the Kwality Wall’s operations into a distinct entity, allowing investors to assess its performance and prospects separately from the broader fast-moving consumer goods portfolio of its former parent.

Market participants monitored the debut closely, as the business commands strong brand recognition in India’s packaged ice-cream segment but now faces the scrutiny of operating as a pure-play listed company.

In addition, Kwality Wall’s (India) said in a stock exchange disclosure that an open offer has been announced to acquire up to a 26 per cent stake in the company from public shareholders, as part of a transaction initiated by Magnum Ice Cream Company Holdco 1 Netherlands B.V.

The offer proposes to purchase shares at ₹21.33 per share, giving eligible investors the opportunity to tender their holdings under the terms of the acquisition process. The development signals a potential change in shareholding structure following the company’s recent listing and restructuring.

Published on February 16, 2026